The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1887-12-15
President IS Message.

4I06lQ0Al M6SSdS6.
On Tuesday the 9th, the President sent
in his message to both houses OF Congress,
to which we made reference last week.
The following is synopsis of what he had
to say
To the Congress of the United States:
You are confronted at the threshold of
your legislative duties with condition of
the national finances which imperatively
demands immediate and careful considera-
ton.
The amount of money annually exacted,
through the operation of present laws,
from the Industries and necessities of the
people, largely exceeds the sum necessary
to meet the expenses of the government.
When we consider that the theory of our
institutions guarantees to every citizen
the full enjoyment of all fruits of his in
dustry and enterprise, with only such de-
duction as may be his share towards the
careful and economical maintenance of
Government which protects him, it is
plain that the exaction of more than this
is ndefensible extortion, and a culpable
betrayal of American fairness and justice.
This wrong inflicted upon those who lear
the burden of national taxation, like other
quences. The public treasury, which
should only exist as a conduit conveying
the peoples tribute to its legitimate OBJ.
jectS of expenditure, becomes a boarding
place for money needlessly withdrawn
from trade and the peoples use, thus Grip
ping our national energies, suspending
our country's development. preventing in
vestment in productive enterprise, threat
ening financial disturbance, and inviting
schemes of public plumber.
This condition of our treasury is not al
together new: and it has more than once
of late been submitted to the peoples
representatives in the Congress, who alone
can apply remedy. And yet the situa,
tion still continues. with aggravated Incl
dents, more than ever presagjng financial
CONFUSION and widespread disaster.
1t will not do to neglect this situation
because its dangers are not now palpably
imminent and apparent. They exist none
the less certainly, and await the unfore-
seen and unexpected occasion when sud-
denly they will be precipitated upon us.
Our surplus revenues have continued to
accumulate, the excess for the present
year amounting on the LIST day of Deem
Der to $50. $50, 701.19, and estimated to
reach the sum of $113, 900, 900 on the Both
of June next, at which date it is expected
that this sum, added to prior accumula-
tions, will swell the surplus in the Treas.
ury to $40 100000.
In the present state of legislation the
only pretense of any existing executive
power to restore, at this time, any part of
our surplus revenues to the people by its
expenditure, consists in the supposition
that the secretary may enter the market
and purchase the bonds of the Government
not yet due, at rate Of premium to be
agreed upon. No condition ought to exist
which would justify the grant of power to
a single official, upon his judgment of its
necessity, to withhold from or release to
the business of the people. in an unusual
manner, money held in the treasury, and
thus affect, at his WILL the financial sltua-
tion of the country: and if it is deemed
wise to lodge in the Secretary of the Treas
uIy the authority in the present juncture
to purchase bonds, it should be plainly
vested, and provided as far as possible,
with such checks and limitations as will
define this officials right and discretion,
and at the same time relieve him from
undue responsibility.
The proposition to deposit the money
held by the Government i'll banks through
out the country. for use by the people, is,
it seems to me, exceeding Objectionable in
principle, as establishing too close rela-
tionship between the operations of the
Government Treasury and the business of
the country, and too extensive COM
mingling of their money, thus fostering
an unnatural reliance in private business
upon public funds.
Our scheme of taxation, by means of
which this needless surplus is taken from
the people and put into the public treasury,
consists of a tariff Or duty levied upon i'm
portations from abroad, and internal rev.
enue taxes levied upon the consumption of
tobacco and spirituous and malt liquors.
1t must be conceded that none of the
things subjected to internal revenue taxa
ton are, strictly speaking, necessares;
there appears to be no just complaint of
xI.s